Post
Topic
Board Bitcoin Discussion
Re: Is bitcoin benefiting from coronavirus??
by
kryptqnick
on 26/06/2020, 11:02:20 UTC
" Anyone who claims the bitcoin price is in any way organic, or follows real-world events, is simply talking nonsense."
Yes, I think I agree with this. It neither benefits nor suffers from the current situation. However, as others rightly pointed out, Bitcoin is not moving randomly and completely unaffected by anything. News has immense impact on Bitcoin demand and supply which leads to solid changes of the price. For example, on the 13th of May the price went down, following the announcement by the WHO that COVID-19 is a pandemic. It's not the pandemic that made the price go down, it's the announcement that boosted anxiety and people engaged in panic selling. Then people calmed down because the pandemic does not really have anything to do with Bitcoin and the price recovered.